Indian economy likely to grow at 7-7.4% in FY19, central fiscal deficit projected at 3.2%: NCAER

GDP growth rate at market prices estimated at 7.4–7.7 percent for 2018–19, the NCAER report said

Press Trust of India November 30, 2018 11:43:43 IST
Indian economy likely to grow at 7-7.4% in FY19, central fiscal deficit projected at 3.2%: NCAER

New Delhi: Indian economy is projected to grow at 7–7.4 percent in the current fiscal, economic policy think-tank NCAER said Thursday.

According to a report by the National Council of Applied Economic Research (NCAER), the real agriculture Gross Value Added (GVA) is envisaged to grow at 3 percent and real industry GVA at 7 percent in 2018-19.

"The forecast for Gross Value Added (GVA) at basic prices is 7.0–7.4 percent. These forecasts at constant (2011–12) prices are based on NCAER's annual GDP macro model," NCAER's Mid-Year Review of the Economy said.

GDP growth rate at market prices estimated at 7.4–7.7 percent for 2018–19, the report said.

Indian economy likely to grow at 774 in FY19 central fiscal deficit projected at 32 NCAER

Representational image. Reuters

The growth rates of exports and imports, in dollar terms, are estimated at 11.8 percent and 16.9 percent respectively.

The current account balance and central fiscal deficit, as percentages of GDP, are projected at -2.3 percent and 3.2 percent respectively.

NCAER said its estimates suggest that the combined output of kharif and rabi foodgrains during the current year may be in the region of 290 million tonnes, which is slightly higher than last year's record output.

As per the report, the outlook for the Indian industrial sector remains mixed for current fiscal.

Noting that after showing an uptick in the last quarter, almost all inflation metrics exhibited a decreasing trend, NCAER said," This was largely due to the deflationary trend exhibited in food prices. Inflation is expected to fall further in the next quarter due to moderating fuel prices."

The NCAER also pointed out that the softening of headline CPI inflation in October 2018 and slump in global crude oil prices along with the pullback of the rupee in November 2018, reduce the chance of a rate hike at the RBI's bimonthly monetary policy meeting to be held on 5 December, 2018.

Updated Date:

also read

P Chidambaram hits out at Centre, says state of economy cause of 'extreme concern'
Politics

P Chidambaram hits out at Centre, says state of economy cause of 'extreme concern'

Addressing a press conference, Chidambaram said a slower rate of growth has been the "hallmark" of the present government in the last eight years, and the post-pandemic recovery has been "indifferent and halting

The second India-Nordic Summit: Why it is a win-win proposition for all
World

The second India-Nordic Summit: Why it is a win-win proposition for all

Prime Minister Narendra Modi’s visit to Copenhagen, as also to Berlin and Paris, has the potential of becoming a game-changer in relations between India and Europe

Head-on | PM Narendra Modi needs to do plain speaking in Europe
India

Head-on | PM Narendra Modi needs to do plain speaking in Europe

Prime Minister Narendra Modi’s three-day blitz through Germany, Denmark and France will not lead to substantial advancements on trade. But Europe has got the message: India is not to be lectured to